THE Pag-IBIG Fund is ready to help members affected by typhoon Rolly through its Calamity Loan Program.
The Fund said taken together with recent calamities, 226,170 affected members are eligible to borrow a total of P4.4 billion in calamity loans.
“We have begun establishing service desks in areas affected by typhoon Rolly to bring our services closer to our members to help them apply for a loan,” said Secretary Eduardo del Rosario, head of the Pag-IBIG Fund Board of Trustees.
Under Pag-IBIG Fund’s Calamity Loan Program, eligible members may borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Qualified borrowers may avail of the Calamity Loan within 90 days from the declaration of a state of calamity in their area.
Pag-IBIG Fund is offering its Calamity Loan at a rate of 5.95 percent per annum – the lowest rate in the market. The loan is payable over a period of 24 months, with the first payment deferred. Initial payment is due on the third month after the loan is released.
“This year, we have already released P3.84 billion in Calamity Loans to aid 301,391 members affected by the COVID-19 pandemic, the Taal Volcano eruption, and other calamities,” del Rosario said.